Friday, August 5, 2016

Second Homes

When purchasing a Second Home be sure to plan the following in your Budget:

  1. Higher interest rates
  2. Higher insurance rates
  3. A property-tax adjustment after the purchase
  4. Furniture, remodeling and decorating
  5. Routine upkeep and emergency repairs
  6. Travel expenses to and from your new haven

Don't be overwhelmed though by the above points.  Buying a second home has certain financial advantages.  Taxpayers can write off interest on more than one home if the properties total debt is less than $1.1 million.

The above information is found in the June 2016 issue of the AARP Bulletin.

Visit with your accountant to confirm local information that pertains to Texas.  Then contact me and let's find your dreamy Second Home, maybe, in the Lake Conroe Area!  Judy@JudyReynolds.Realtor

The National Association of Realtors has recently posted on their Blog Your Second Home is Just a Dream Away in which the following statistics are revealed. 
Percentages Motivating a purchase of a Vacation Home:
  • 37% Buyers plans to use the property for vacations and family retreats
  • 16% Plans to convert the Second Property into their future Primary Residence
  • 13% Buyer found a great deal (Who could resist a great deal?)
Other interesting statistics found from their survey included facts about where you might want to consider in the purchase of your dreamy Second Home. 
 Location of Second Homes:

  • 40% Near a Beach
  • 19% In the Mountains
  • 19% By a Lake
Now if you are considering how to pay for the property you dream about ... 52% financed less than 70%, while 39% paid cash.  That's not to say you must have available funds to pay cash or even most of a mortgage.  So be sure to speak with your Loan Officer.  If you need to know names of Loan Officers in my area, let me know and I will provide a list.
One more fact to leave you with ... The typical Second Home/Vacation Property was located 200 miles or more from a primary residence.
Going back to how I can help, lets talk about locations.  If you are wanting a beach location then  I live less that 2 hours from the Gulf of Mexico.  Thinking of investing in  the Kemah or maybe Galveston areas?  They are both in the Houston Association of Realtors and I can find properties on MLS for you.  I would love to help!
  Or maybe a cooler Mountain location would be your preference to hot summer days.  May I suggest Ruidoso?  As a matter of fact, I would love to bring the following beautiful home to your attention!
 Make an appointment with Mary Austin (COLDWELL BANKER SDC, (575) 257-5111)  to see the property.  Mary's contact information is also at the link above.  By all means tell her that you saw Judy Reynolds' blog!  Also, here is my disclaimer, this was my father-in-law's second home which turned into his primary residence.  It is now in the family estate so that another fortunate buyer can purchase.
Now, last but not least, would be that Lake Location, Lake Conroe is a 21,000 acre Lake and I actually live in the Lake Conroe Area.  No kidding that is the area of my specialty for Real Estate.  Contact me right away and let's get you on the lake.
I am standing by ready to help you as your Realtor,
Judy Whipple Reynolds


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